Sealed Air begins tender offer for any and all 5 5/8%, 7 7/8% notes

By Toni Weeks

San Diego, Nov. 13 - Sealed Air Corp. said it began a cash tender offer for any and all of its $400 million of 5 5/8% senior notes due 2013 and its $400 million of 7 7/8% senior notes due 2017.

The total purchase price per $1,000 principal amount of notes will be $1,032.50 for the 5 5/8% notes and $1,078.75 for the 7 7/8% notes. In each case, the price includes a payment of $30 for notes tendered with consents by 5 p.m. ET on Nov. 27, the consent payment deadline. Holders tendering notes after this date but before 11:59 p.m. ET on Dec. 11, the expiration date, will receive $1,002.50 and $1,048.75, respectively.

The company will also pay accrued interest from the last interest payment date up to but not including the applicable settlement date, which will be Nov. 28 for notes tendered by the consent deadline.

The company is also soliciting consents to eliminate some of the restrictive covenants in the applicable indentures and to shorten the minimum notice period for a redemption to three days from 30 days.

Notes may not be revoked after the consent deadline.

The tender offers are subject the receipt of consents of the holders representing at least a majority in principal amount of the outstanding notes of each series as well as a financing of at least $800 million from an offering of new senior notes. The company launched a roughly $800 million term loan B on Nov. 5, as reported by Prospect News.

Bank of America Merrill Lynch (888 292-0070 or collect 980 387-3907) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-4500 or 212 430-3774) is the information agent.

Sealed Air is an Elmwood Park, N.J.-based food safety and security, facility hygiene and product protection company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.